Nitin agrawal, Deputy Speaker of the Uttar Pradesh Legislative Assembly

Cosmea Financial Holdings on Tuesday formed a joint venture with fintech startup OroWealth to launch 'digital first mutual fund' services.The company targets to have Rs 10,000 crore in assets under management (AUM) over the next three years with a primary focus on Passive, Smart Beta, International and Retirement products.The agreement was signed between Sam Ghosh and the founding members of Oro Wealth to launch a new JV company named 'Torus Oro AMC' that will spearhead Cosmea Financial Holdings (CFH) foray into the Asset Management Company (AMC) business.As per the agreement, CFH will hold 74 per cent stake in Torus Oro AMC while the balance 26 per cent will be held by OroWealth and its founders.Torus Oro AMC has applied for an AMC license with market regulator Securities and Exchange Board of India (SEBI) and expects to launch its operations within this year, subject to applicable approvals, according to a joint statement released by Cosmea Financial Holdings and OroWealth."The company meets all statutory norms of experience, net worth, and profitability to apply for the license," it said.Nitin Agrawal, one of the founding members of OroWealth, will be the CEO of Torus Oro AMC and will be heading the business along with his other founding members who will also join the team."The mutual funds industry is going through a tectonic shift driven by technology and innovation. We are excited about building a digital AMC with a technology-first approach across the three verticals - distribution, fund management and operations," said Nitin Agarwal, CEO designate, Torus Oro Wealth."We will empower distribution partners and customers with sophisticated portfolio analytics tools, use cutting edge data analysis techniques to augment fund research and optimise fund operations with automation. With Torus as our partner, we are committed to offer the most customer-centric products and drive innovation in the mutual funds market," Agarwal added.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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